A Quick Note on the Expiration of the ECB’s LTRO’s

I’ve been saying for a while now that one of the most important events of the week was the expiration of the ECB’s LTRO’s that occurred Wednesday.

Like goldilocks, the demand for the 1% loans for 3 years from European banks was almost perfect at a little over 500 billion Euro’s.  It wasn’t too little (if so, the market would think that banks might need it later) and it wasn’t too much (if so, the market would think things were worse than they appear) . . .

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